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April 18, 2024
PI Global Investments

6 tips for starting a new business in the new year

Skills pay the bills
Before you embark on your entrepreneurial journey, take some time to think about what you are good at. Research shows that entrepreneurs who launch a business in an industry with which they have experience or have skills in are far more likely to succeed than those who are entering it for the first time.

Dominate a niche
Thriving businesses in today’s economy often thrive by meeting the needs of niche market segments. It allows for targeted audience engagement, reduces competition, and builds brand authority. KFC excelled with fried chicken, and Nando’s thrived by specialising in peri-peri chicken. Their success hinged on embracing unique niches, catering precisely to customer tastes, and establishing themselves as leaders in their chosen markets.

Predict where the market is heading
Established businesses have large, fixed costs. It is difficult for them to change strategy overnight whereas a start-up is more flexible. Try and understand what your customer will demand from you in a year which is not currently being offered in the market. 

Social media
Establishing a strong online presence with a user-friendly website and active social media participation is crucial. This can help with marketing, sales, and customer engagement. 

Business plan
Most businesses require time and a solid business plan which they can rely on. Create a vision, analyse your competitors, identify your target audience and formulate strong marketing strategies.
Get started
It is time to make the business plan and persevere along this journey. People often forget that Thomas Edison failed thousands of times before inventing the light bulb, or that JK Rowling faced numerous rejections before publishing her first Harry Potter book. 

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